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Author Topic: Difficulty increased to 93.4G  (Read 1287 times)
alanbrockall
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December 18, 2015, 11:44:14 PM
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Honestly are the creators of bitcoin core having a laugh?
Mining difficulty will be the reason that mining bitcoins becomes impossible. Why can't it be restricted?
Before all bitcoins have been mined we won't even have the technology to mine them anymore.
Is bitcoins quickly becoming extinct? What would happen if no one can mine a block anymore? Blockchain crash?
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EcuaMobi
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December 18, 2015, 11:48:05 PM
 #2

Are you a miner? You should learn more about mining if you are.

Honestly are the creators of bitcoin core having a laugh?
Are you implying the bitcoin core devs manually set the difficulty? :/

Mining difficulty will be the reason that mining bitcoins becomes impossible. Why can't it be restricted?
Because if difficulty is restricted and the hashing power keeps increasing then there would be block much more often than every 10 minutes on average.

Before all bitcoins have been mined we won't even have the technology to mine them anymore.
Of course there will be. The difficulty is automatically adjusted so that there's a block every 10 minutes with the current hashrate.

Is bitcoins quickly becoming extinct? What would happen if no one can mine a block anymore? Blockchain crash?
Then the difficulty would be automatically reduced so that we keep having a block every 10 minutes on average.

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December 19, 2015, 01:04:32 AM
 #3

Honestly are the creators of bitcoin core having a laugh?
No.
Mining difficulty will be the reason that mining bitcoins becomes impossible. Why can't it be restricted?
Difficulty means that on average, a miner would need more guesses before a block can be mined. If the Difficulty doesn't change, blocks intervals will become seconds apart and the cap supply wouldn't work. This would also result in a lower network security due to the amount of orphans.
Before all bitcoins have been mined we won't even have the technology to mine them anymore.
Is bitcoins quickly becoming extinct? What would happen if no one can mine a block anymore? Blockchain crash?
Difficulty will adjust. When Bitcoin become extinct, the price would probably skyrocket due to the limited supply in the market. Electrical price is likely to decrease due to renewable energy. If a large miner decides to stop mining, more fees would be paid thus making mining more profitable.

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December 19, 2015, 03:39:03 AM
 #4

Oh boy..
notlist3d
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December 19, 2015, 03:44:54 AM
 #5

Honestly are the creators of bitcoin core having a laugh?
Mining difficulty will be the reason that mining bitcoins becomes impossible. Why can't it be restricted?
Before all bitcoins have been mined we won't even have the technology to mine them anymore.
Is bitcoins quickly becoming extinct? What would happen if no one can mine a block anymore? Blockchain crash?

It's  a free market.. if they were to build it where it restricts amount of hash or any restrictions it would not be taken kindly.   Look up decentralization and see how much it is at the core of Bitcoin.

Other questions I'm not sure if your serious or not.
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December 19, 2015, 05:31:53 AM
 #6

The difficulty goes up as hash rate goes up so no the network won't crash.

Mining today is better than it was 2 months ago in terms of how much money they are making.  There is direct relation to network hash power to the difficulty soo it would be impossible for the network to crash with so much network power.  Anyway 2 month ago a coin was worth $250 and today it is worth $460 and staying pretty stable at this price so that explains why the hash increased and operations are switching over to the new more efficient machines.
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December 19, 2015, 07:33:19 AM
 #7

your concerns are invalid, difficulty isn't the monster here, the diff just increase to make sure that the average of a block every 10 min is maintained

you can't expect the price to skyrocket while the diff sit there watching it, also the efficiency is another factor for the diff increase, in the case the demand stay the same
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December 20, 2015, 02:05:56 PM
 #8

your concerns are invalid, difficulty isn't the monster here, the diff just increase to make sure that the average of a block every 10 min is maintained

you can't expect the price to skyrocket while the diff sit there watching it, also the efficiency is a nother factor for the diff increase, in the case the demand stay the same

See your point it seems the demand is relatively high and it will remain high as long as many big players are coming in the life of the crypto coins depends on bitcoin it's success and down fall hopefully a new coin will emerge as promising as bitcoin so we can have more alternative

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Kepariy
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December 21, 2015, 10:39:17 AM
 #9

The difficulty will keep on rising. BitFury's 0.1J/GH miner will come to the market soon. Bitmain is also going to release a similar one some time next year.
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December 22, 2015, 08:23:30 AM
 #10

Difficulty will increase in response of more power working for network. When this decrease, then difficulty will decrease too. But this will not happen as new and more powerfull miners are comming ....
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December 23, 2015, 04:27:28 AM
 #11

While the huge difficulty increase recently is horrible for profits for home miners with large setups such as myself, Bitcoin is completely working as intended.

As much as I'd like to make more money, it truly is working how it should.  And I very much support it's implementation.  Working as intended.  The end.

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December 23, 2015, 04:29:14 AM
 #12

I think this is more like a troll post.

Mining bitcoin can't become "impossible". People will always invest more money in mining equipment.
The bigger the difficulty is, the bigger the price is.

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January 14, 2016, 09:07:01 AM
 #13

I think this is more like a troll post.

Mining bitcoin can't become "impossible". People will always invest more money in mining equipment.
The bigger the difficulty is, the bigger the price is.

Mining bitcoin will become impossible if your bitcoin income is lower than the electricity and other costs.
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January 14, 2016, 01:44:13 PM
 #14

Opening poster hasn't posted in a month. No need to keep bumping this thread. If he comes back he can get the thread unlocked or discuss it elsewhere.
/locked.

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ZERO FEE Pooled mining at ckpool.org, 1% Fee Solo mining at solo.ckpool.org
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